Microsatellite DNA markers were used to investigate the genetic diversity of Penaeus ( Fenneropenaeus) chinensis, a topic of controversy in previous studies. A total of 210 individual shrimps were collected in seven geographic locations in the Yellow and Bohai Seas: Liaodong Bay (LD), Bohai Bay (BH), Haizhou Bay (HZ), Rushan Bay (RS), Haiyangdao fishing ground (HYD), the west coast (KW), and the south coast of the Korean Peninsula (KS). A new population of P. chinensis was identified in KS. A total of 109 alleles were identified from seven loci. Among the 49 population loci, 34 showed significant deviation from the Hardy–Weinberg equilibrium. Cluster analysis using UPGMA revealed a close genetic relationship of P. chinensis between BH and LD and between RS and HZ, while the shrimp from KW and KS diverged. Genetic distance and AMOVA analysis identified three areas with distinct populations: the Bohai and Yellow Seas along the Chinese coast; the west coast of Korea, and the south coast of Korea. These results are consistent with tagging–recapture data and some molecular DNA marker studies, but different from results by mitochondrial gene methods.